Thursday, 29 September 2011

frustration again for the bears...normally this should be a very reliable setup...failing 3 times below (at) the 50% retracement............90 day cycle from the high kicks in Oct 21 so patience may be in order

Wednesday, 28 September 2011

The attractiveness of the setup was enhanced to me by the proximity of natural gann level 7200 to the backtest high ....natural resistance whether Gann circle number,Murrey math level,round number or a square like 250 or 64 always gives you extra confidence and helps with stop placement.It also helps that Ron posts such nice charts !

We had a doji on the Dax today,which alleviates some of the bullish potential in that chart

There is probably no point in looking for a short entry in markets till we have a black candle or doji on the Dax....the risk is still one of further upside off the double bottom and island reversal.Having said that I am bearish and do think this thing could turn round very quickly

here is an interesting comment on gold,from Albertarock,posting on Daneric's board and another reason why it may be best not to get too bearish

Several months ago I'd mentioned that Mexico had bought 110 tons of gold. Turns out they didn't take possession of it though. Good thing they didn't ask for possession because it turns out that that gold didn't even exist. It is becoming more and more apparent as all the gory details emerge, that the gold bears are at extreme risk should more than a couple of these bigger buyers ask for delivery at the same time. Because if that were to happen, somebody isn't going to get their gold. Not at today's price. Possibly not at any price. The member banks of the LBMA (London Bullion Market Association) sell gold to clients, then offer to hold it for them and charge a hefty fee to store it. Of all the gold they have sold and supposedly actually have physical possession of, in storage, do you know what percentage they 'really have'? 1% They're supposed to have 100% of it. They have 1% of it. How's that for a recipe for disaster?http://seekingalpha.com/articl...